A Hyderabad GST commissionerate order has totally changed the scenario for the late GST return filing taxpayers as they would now have to pay interest on even input tax credit (ITC).
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A Hyderabad GST commissionerate order has totally changed the scenario for the late GST return filing taxpayers as they would now have to pay interest on even input tax credit (ITC).
Recently the Maharashtra Authority for Advance Ruling (AAR) cleared out that the ITC of GST will not be available to the General Manager and Managing Director of the company in case of any hotel stay without rent.
Job work is defined as the process which is undertaken on goods by a person that belongs to another registered person. The ownership of goods does not shift to the job-worker but it remains with the main manufacturer.
The Finance Ministry has granted permission to the businesses to claim input tax credit benefit for the first financial year of Goods and Services Tax roll out, till March 2019.
Delhi high court has given relief to all those taxpayers who were not able to get their registration done under the GST scheme while at the time of implementation.
Recently, the Gujarat high court rules out that the ITC not claimed earlier, can now be claimed till 31st March 2019. The decision came aboard after the high court accepted a petition.
The tax on the supply of goods or services or both is GST. The registered person who is involved in the export of goods or services or taxable supply or both can utilize qualified ITC on goods or services or both used in the development of the business.
The deadline for filing summary sales return GSTR-3B for the month of September has been extended five days i.e. till October 25, 2018 by Finance Ministry.
Indian companies are confused on how to claim hundreds of crores ITC for the previous financial year under GST reign that might be lost if they fail to verify the claim with vendor returns.